Page 31 - Indian Economy

India is world's fastest growing innovation ecosystem: Rajeev Chandrasekhar

India is the fastest growing innovation ecosystem in the world where around 102 unicorns have been created in the last few years, Minister of State for Skill Development, Entrepreneurship, Electronics and Information Technology Rajeev Chandrasekhar has said here. Speaking at 'Vishwa Sadhhavna' event here on Saturday, Chandrasekhar said that none of these unicorns have famous last names. They don't have any political connection. They have been built on enterprise and capability, and determination and hard work, he said. The minister spoke about various initiatives taken by Prime Minister Narendra Modi and transforming India into "New India" during the Dubai Chapter of the event, organised by the NID Foundation. He said that Prime Minister Modi "is very clear that businesses create investments, they create jobs, and most importantly, they create revenues for the government to support those who are vulnerable." Chandrasekhar said that India has covered a great distance in the electron

External sector could face some anxious moments, says CEA Nageswaran

He said that the way the oil price cap is being discussed has encouraged oil and gas traders to stock up on volumes, creating unintended consequences

Financial strength critical for 'Atmanirbhar Bharat': FM Nirmala Sitharaman

Union Finance Minister Nirmala Sitharaman on Saturday said indiscriminate borrowing and spending by certain States on non-merit goods and expenditure is a matter of concern, and fiscal strength is a critical component for 'Atma Nirbhar Bharat'. The temptation to borrow beyond capacity would create inter-generational burden and affect fiscal soundness of the country, she said. "The tendency to get into such not-so-viable, non-merit expenditure is very high in some States," she said. As per the Constitution, the Centre can discuss with and raise questions to the States on borrowing but many of them see it as an interference in their space of authority, she said. Sitharaman was delivering the P Parameshwarji Memorial Lecture on "Cooperative Federalism: The Path Towards Atma Nirbhar Bharat" organised here by Bharatiya Vichara Kendram in memory of Sangh ideologue P Parameshwaran. Lamenting that a wrong political narrative is being made to spoil the Centre-State relations, she said ..

ICCI ties up with Taiwan for green technology to curb carbon footprints

The local chapter of Indian Chamber of Commerce and Industry (ICCI) has joined hands with National Productivity Council, and Taiwan which would provide industries innovative green solutions to curb carbon footprints in the wake of growing climate change threats. ICCI president Sriramulu and the productivity council director-general Sandeep Kumar Nayak signed a memorandum of understanding (MoU) in this regard on Friday, a release from the chambers said on Saturday. Earlier, an 8-member delegation of Taiwan-China Productivity Centre held a meeting with industrialists and entrepreneurs during which Taiwan assured to provide technology to promote green technology in energy efficieny, smart e-mobility, water treatment and smart agriculture, said the release. The green technology would reduce energy consumption while reducing an equal amount of greenhouse gas in India, it said. Technology such as cloud-connected e-mobility, power-generating elevators, electrodialysis for industrial wast

Best of BS Opinion: Data goes private, the Chief Twit takes over & more

Here is the best of Business Standard's opinion pieces for today

Centre likely to raise authorised fund in NSFDC by Rs 1,000 crore

The Department of Social Justice, the nodal authority, has floated a draft cabinet note for inter-ministerial consultation

India raises serious concerns over growing trade deficit with Korea

India has raised its "serious" concerns over the growing trade deficit with Korea, which stood at about USD 9.5 billion in 2021-22, an official statement said on Friday. The issue came up for discussion during the ninth 9th round of the India-Korea comprehensive economic partnership agreement up-gradation negotiation, which was held in Seoul on November 3-4. The two sides underlined the need to have negotiations based on a win-win approach and are forward-looking and outcome-oriented. During the meeting, sub-groups on trade in goods, services, rules of origin, investment, sanitary and phytosanitary/technical barriers to trade issues held in-depth discussions. "India raised serious concerns on the growing trade deficit between the two countries and discussed market access issues. Both sides agreed to work closely to address tariff and non-tariff barriers and deepen the relationship in the services sector," the commerce ministry said. They also shared a common view that both sides .

Commerce ministry to release exports, imports data once every month

The commerce ministry has decided to resume the practice of releasing monthly exports and imports data only once in a month with a view to providing a clear picture of the country's trade, an official said. Since October 2020, the ministry was releasing the data twice every month -- the preliminary data in the first week and then the revised numbers by the middle of the month. The decision assumes significance as stark contrast between the preliminary and final export growth rate numbers was witnessed in the data for the month of September this year. According to the preliminary data, released on October 3, the merchandise exports contracted by 3.5 per cent in September to USD 32.62 billion. However, the final data released on October 14 showed a growth of about 5 per cent to USD 35.45 billion. Some variations in export growth rate figures were seen in the previous months as well. For example, preliminary data released on September 3 showed a decline of 1.15 per cent to USD 33 bil

Bet on infrastructure funds to gain from government push: Experts

High cost of capital, change in policy key risks for these funds

Rupee appreciates by 47 paise to close at 82.41 against US dollar

The rupee appreciated by 47 paise to close at 82.41 (provisional) against the US dollar on Friday, as the greenback retreated from its elevated levels. At the interbank foreign exchange market, the local unit opened at 82.85 and finally settled at 82.41 against the American currency, registering a rise of 47 paise over its previous close amid a positive trend in domestic equities. On Thursday, the rupee had closed 8 paise lower at 82.88. Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, slipped 0.34 per cent to 112.54. Global oil benchmark Brent crude futures rose 2.05 per cent to USD 96.61 per barrel. "Euro and Pound too recovered on Friday from intraday lows as broader dollar retraced against its major crosses," said Gaurang Somaiya, Forex & Bullion Analyst, Motilal Oswal Financial Services. On Thursday, pound fell sharply against the US dollar after the Bank of England raised rates by 75 bps. "We expect the USD-INR (Spot) t

Unemployment rate in India surges to 7.77% in October: CMIE data

The CMIE data further revealed that the rural unemployment rate rose to 8.04 per cent in October from 5.84 per cent in September.

In a two-decade first, currency in circulation declines in Diwali week

The currency in circulation (CIC) declined by Rs 7,600 crore in the Diwali week, making it the first such happening in two decades, a report said on Thursday. This was made possible courtesy of a greater reliance on digital payments by people, the report by economists at SBI said, adding that the Indian economy is undergoing a structural transformation at present. They clarified that the Diwali week in 2009 had also witnessed a marginal Rs 950 crore decline in currency in circulation, but that was purely due to the economic slowdown amid the global financial crisis. "The innovations in technology have changed the Indian payment system. Over the years, the Indian cash lead economy now has changed to a smart-phone lead payment economy," they said. The economists also said that a lower currency in circulation also is akin to a cut in the cash reserve ratio for the banking system as it results in lower leakage of deposits and will have a positive impact on monetary transmission as ...

Services PMI recovers to 55.1 in Oct after hitting six-month low in Sept

Services PMI released by credit rating agency S&P Global improved to 55.1 in October from 54.3 in September

RBI's MPC meets to draft letter to govt on missing inflation target

The meeting was chaired by RBI Governor Shaktikanta Das and attended by all the other five members of the rate setting panel

Growth in India's services sector quickens in Oct, PMI edges up to 55.1

The rate of inflation outpaced its long-run average, suggesting no respite from higher cost pressures in Asia's third-largest economy

Acting prematurely would have hurt economy, says RBI Governor Das

Shaktikanta Das defends timing of rate hikes amid failure to meet inflation target

Will realise $1-trn digital economy goal in 5-7 years: Rajeev Chandrasekhar

The Minister of State for Electronics and Information Technology said that despite the deep disruption caused by the pandemic, India as a nation has emerged stronger

New India focusing on bold reforms, big infra & best talent: PM Modi

New India is focusing on bold reforms, big infrastructure, and best talent, Prime Minister Narendra Modi said on Wednesday. Delivering inaugural address at the three-day Global Investors' Meet, 'Invest Karnataka 2022', via video conferencing, he said at this time of global economic uncertainty, the whole world is confident that the Indian economy's fundamentals are strong. "Despite global uncertainties, India is growing rapidly", he said. The Prime Minister said Karnataka has the power of "double engine", with the same party in the government at both the State and Centre. "When we speak about talent and technology, the first name that comes to mind is "Brand Bengaluru", Modi said. Besides Governor Thawaarchand Gehlot and Chief Minister Basavaraj Bommai, those who were present at the inaugural function included Union Ministers Nirmala Sitharaman, Piyush Goyal, Pralhad Joshi and Rajeev Chandrasekhar. This edition of the GIM is being held under the theme Build for the World' reflect

Missed inflation target, but acting early would have exerted costs: RBI Guv

RBI Governor Shaktikanta Das on Wednesday defended the Reserve Bank's handling of the price situation, saying acting prematurely on inflation would have exerted a heavy cost on the economy and citizens. Acknowledging that the inflation target has been missed, Das said the RBI decided to support the economy by not introducing a rate hike in face of a spike in inflation. "We prevented a 'complete collapse of the economy' by keeping rates lower and stayed away from premature tightening," Das said speaking at the annual FIBAC conference of bankers here. Acting early would have exerted costs to the economy and the people, Das said. He said the rate-setting Monetary Policy Committee (MPC) is meeting on Thursday to formulate a response to the government, but defended the RBI's move to not make the letter, to be written to the government, public. Not making the letter public does not compromise transparency, Das said, adding that nothing in the law gives him the authority, privilege and .

RBI won't immediately release letter on inflation response to govt

RBI Governor Das said on Wednesday a letter that will be sent to the government will not be made public after the Nov 3 special meeting because the bank does not have the authority to release it